Bitway (BTW) is 1836.8× the size of BANX Network (BXE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.35 across 45 shared trading days). BTW has been the more volatile of the two, at 365% annualised against BXE's 208%.
BXEBTW
-0.35over 45 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | BXE | BTW |
|---|---|---|
| Max drawdown (400d) | -98.0% | -60.7% |
| Risk-adjusted return (90d) | -0.18 | 0.43 |
Relative strength over 90 days: BTW outperformed BXE by 76.3% — measured on the BXE/BTW ratio, so it holds regardless of market direction.